PLC Losses, Revenues Drop
Franklin's PLC Systems Inc., a company specializing in cardiac and vascular technologies, narrowed its losses from last year during the second quarter 35 percent, but revenues for the company also dropped.
The company lost $199,000 on $1 million in revenues during the second quarter of the year. That compares to a $307,000 loss on $1.22 million in revenues during the second quarter of 2009.
The company reported the highest quarterly shipments of its RenalGuard product during the most recent quarter, shipping 589 single-use sets of the fluid balancing system. The product is available in European countries, but has not yet been approved in the United States. Clinical trials for an advanced version of the product are ongoing in Italy, the company said.
The company reported having $1.5 million in cash and equivalents on hand, a decrease of $396,000 from a quarter earlier, and down from $2.7 million the company held at the end of 2009.
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